BrewDog revenue up 55% as 8,000 shareholders attend AGM

Scottish brewery, BrewDog held its ninth annual general meeting last Saturday.
The event saw over 65,000 pints of beer served to 8,000 of its loyal Equity Punk investors from around the world who descended on the Aberdeen Exhibition and Conference Centre for a celebration of beer, food, and music.

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Cofounders James Watt and Martin Dickie took to the stage to deliver the financial reports from 2017 as well as announce a series of exciting developments for 2018 and beyond.
One of the announcements drawing the largest round of applause from attending Equity Punks was BrewDog’s move into cider production, as James Watt confirmed the brewer has invested in London-based cider company, Hawkes.
BrewDog’s investment in Hawkes means the cidery is now owned by BrewDog, with founder Simon Wright maintaining his role at the helm. Hawkes is a five-year-old London based cider business with a portfolio of six products, including the UK’s first co-fermented beer and cider hybrid.
The brand name and label design will remain in place and all existing staff are to retain their roles. BrewDog will offer support from its senior team and resources to help grow the brand and business both in the UK and internationally.
BrewDog cofounder James Watt said: “Hawkes has grown a distinctive, bold and innovative business in an industry full of conformity, timidity and tradition. Our additional fire power will not only enable Hawkes to expand the reach of its incredible ciders, but also provide the opportunity to really make an indelible mark on the evolution of cider in the UK.”
Simon Wright, Hawkes founder said: “Our history and mission parallels that of BrewDog, so this unification is truly a meeting of like minds. We are in an industry that has for far too long allowed ‘big’ cider and mass market products to hold back innovation and growth. I’ve long been impressed by BrewDog’s attitude and approach to challenging the status quo of beer in the UK and around the world. Just like us, they stand up for those who want to break free, make a difference and take the cider scene into an entirely new era. I can’t wait to see what the future holds.”
Other business updates covered at the BrewDog AGM included its 2017 financial results. Last year was a banner year for BrewDog, with sales up by 78% and overall revenue up 55% on 2016.
The AGM also marked the official launch of OverWorks, BrewDog’s new sour beer facility located at its Aberdeenshire HQ. Head brewer Richard Kilcullen, formerly of North Carolina’s Wicked Weed brewery, presented OverWorks’ first releases in a series of tastings with Equity Punks. The OverWorks taproom was also previewed to Equity Punks on Friday 6th April in a special, exclusive event for shareholders.
At the AGM, James and Martin updated the crowd on the continued success of BrewDog USA, based in Columbus, Ohio.
The brewery will be opening two bars in Columbus over the next four weeks, and its much-anticipated craft beer hotel – The DogHouse – is scheduled to open later this year.
BrewDog also announced that it has grown its American distribution to six states, including Ohio, Indiana, Illinois, New York, New Jersey and Kentucky.

BrewDog also announced plans for several new bars as well as updates on the progress of sites already in construction. Bars scheduled to open in 2018 include:

Scotland

Inverurie, Aberdeenshire

Peterhead, Aberdeenshire

Perth

St. Andrews

Glasgow (the site will feature ten pilot homebrewing kits where visitors can try their hands at brewing beer)